Connor Clark & Lunn Investment Management Ltd. Increases Holdings in Open Text Corporation $OTEX

Connor Clark & Lunn Investment Management Ltd. boosted its stake in Open Text Corporation (NASDAQ:OTEX) (TSE:OTC) by 456.0% in the 3rd quarter, Holdings Channel reports. The firm owned 2,312,755 shares of the software maker’s stock after buying an additional 1,896,755 shares during the quarter. Connor Clark & Lunn Investment Management Ltd.’s holdings in Open Text were worth $86,429,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Franklin Resources Inc. boosted its position in shares of Open Text by 46.3% in the third quarter. Franklin Resources Inc. now owns 199,395 shares of the software maker’s stock worth $7,451,000 after buying an additional 63,123 shares during the period. Van ECK Associates Corp raised its holdings in shares of Open Text by 6.0% during the 3rd quarter. Van ECK Associates Corp now owns 20,638 shares of the software maker’s stock valued at $771,000 after buying an additional 1,172 shares during the period. Claret Asset Management Corp lifted its position in Open Text by 14.6% during the 3rd quarter. Claret Asset Management Corp now owns 35,434 shares of the software maker’s stock worth $1,325,000 after acquiring an additional 4,505 shares in the last quarter. Bank of Montreal Can boosted its holdings in Open Text by 14.1% in the 3rd quarter. Bank of Montreal Can now owns 3,295,347 shares of the software maker’s stock worth $123,149,000 after acquiring an additional 406,335 shares during the period. Finally, Legal & General Group Plc boosted its holdings in Open Text by 30.8% in the 3rd quarter. Legal & General Group Plc now owns 2,210,802 shares of the software maker’s stock worth $82,655,000 after acquiring an additional 520,820 shares during the period. 70.37% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts have recently commented on OTEX shares. Raymond James Financial reduced their target price on shares of Open Text from $48.00 to $42.00 and set an “outperform” rating on the stock in a research report on Friday, February 6th. UBS Group set a $26.00 price target on shares of Open Text in a report on Friday, February 6th. TD Securities upgraded shares of Open Text to a “hold” rating in a report on Monday, February 2nd. Weiss Ratings reissued a “hold (c+)” rating on shares of Open Text in a research report on Monday, December 29th. Finally, Citigroup lowered their target price on Open Text from $36.00 to $26.00 and set a “neutral” rating for the company in a research note on Friday, February 6th. Three equities research analysts have rated the stock with a Buy rating and eleven have given a Hold rating to the company. According to data from MarketBeat.com, Open Text presently has an average rating of “Hold” and a consensus price target of $35.75.

Open Text Stock Down 3.3%

OTEX stock opened at $23.99 on Thursday. The company has a current ratio of 0.94, a quick ratio of 0.94 and a debt-to-equity ratio of 1.57. The firm has a 50 day simple moving average of $27.13 and a 200-day simple moving average of $32.56. The company has a market capitalization of $6.01 billion, a P/E ratio of 14.11 and a beta of 1.08. Open Text Corporation has a twelve month low of $22.44 and a twelve month high of $39.90.

Open Text (NASDAQ:OTEX) (TSE:OTC) last posted its quarterly earnings results on Thursday, February 5th. The software maker reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.04 by $0.09. Open Text had a net margin of 8.42% and a return on equity of 23.60%. The firm had revenue of $1.32 billion for the quarter, compared to analysts’ expectations of $1.29 billion. During the same period in the prior year, the company posted $1.11 earnings per share. The firm’s quarterly revenue was down .6% on a year-over-year basis. On average, equities research analysts predict that Open Text Corporation will post 3.45 earnings per share for the current fiscal year.

Open Text Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, March 20th. Stockholders of record on Friday, March 6th will be paid a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 4.6%. The ex-dividend date is Friday, March 6th. Open Text’s dividend payout ratio is 64.71%.

Open Text Company Profile

Open Text Corporation is a Canadian enterprise information management (EIM) software company that develops solutions for organizations seeking to manage, protect and extract insight from their unstructured and structured data. The company’s platform encompasses document management, records management, digital asset management and archiving, enabling companies to govern information across its lifecycle.

Open Text’s product suite includes content services, business process management, customer experience management, analytics and security products.